EARNINGS REPORTING - surprises, misses & more Message Board

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Non-Tech : EARNINGS REPORTING - surprises, misses & more

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To: long-gone who wrote (1)	2/5/1999 11:05:00 AM
From: long-gone	of 762

From the Rocky Mountain News Today 4 million ounces golden for Newmont Mining Company posts profit; announces land swap By Richard Williamson News Staff Writer Denver-based Newmont Mining Corp. became the first North American company to produce 4 million ounces of gold in 1998, struggling through one of the leanest years in two decades with an operating profit. Newmont also announced a major land swap with Toronto-based Barrick Gold Corp. in northern Nevada, where both companies operate. Barrick was North America's largest gold producer until Newmont took the lead through an acquisition in 1997. The swap represents an even split of 4 million ounces of reserves and simplifies the land holdings of the two companies, officials said. A writedown of Newmont assets impaired by low gold prices and a new accounting standard left the company with a loss on paper of $393 million, or $2.47 per share, for the full year. Profit before special charges fell to $5.8 million, or 3 cents per share, from $41.6 million or 27 cents per share in the same quarter a year earlier. The earnings were in line with the expectations of analysts surveyed by First Call Corp.(cont.) insidedenver.com

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